One of the biggest challenges your company can face to attract and keep the right employees is the location of office space. You may feel that searching for a suburban location for commercial office space company is a good idea for many reasons; however, the employees you need may have other preferences.
Urban locations are in demand, as any office space company knows. Has the workforce become more urban? It seems to depend greatly on who will be part of your workforce.
The Race to Attract Talent
The issue about whether or not the need for office space has become urbanized has its roots in the current race to attract the right talent. Low unemployment rates make it a job seeker's market, as opposed to one that favors hiring companies.
While suburban locations may favor your needs because they are less expensive, readily available, and offer more for the money, much of today’s emerging workforce prefers the more urban setting.
Combined with the fact that there are now more than enough jobs out there, you might want to contact a commercial office space company about relocating your business closer to the city.
Millennials A Driving Factor
The main driving factor in this push toward more urban locations is today’s millennial workforce. Many if not most of these employees prefer locations that are right in the midst of things, close to all the amenities they want. One-fourth of the current technical workforce is under 30 years old; that number is expected to rise to as high as 50% in the next few years.
This is significant and needs to be reviewed as you and your company decide which location is most advantageous for your business.
Other Factors To Consider
Despite this trend, it is also necessary to weigh a few other facts important to the selection of your office space. While the millennial makeup of today’s workforce is continually rising, the larger percentage of workers are still older employees.
In addition, there is more to the rise in millennials in the workforce than just younger talent. Part of the reason behind the perception that there are more jobs and not enough people to fill them has to do with the lower birth rates of the 70’s and 80’s.
Normal Business Cycles
What this means for businesses working with an office space company to find the best location is that the trend is cyclical. Right now, millennials are in demand as are urban work locations. This trend will likely revert back within the next decade. This is the continuous flow that every commercial office space company sees over the years since different economic, workforce, and even population factors contribute in creating the demand for certain employees.
Also consider the fact that soon even the millennial generation will grow older and their priorities will change. It is already happening, with many millennials opting to live suburban and commute because it is more affordable. The city is attractive as a work environment; however, the slow shift back to the suburbs is already happening.
So has the demand for office space become more urban? According to some, perhaps. Yet based on the actual drive behind the demand, the office space company helping with your search will likely attest that this "urbanization" is just one part of a continuous cycle of location demand. A commercial office space company can help you determine which option is best for your business!